UK could face exodus of 75%

A warning was issued following alarming results of a recent poll conducted by International law firm, Withers. The poll demonstrated that the UK could face a large scale exodus in 2010 as wealthy individuals search for ways around the planned rise in the higher income tax rate to 50 per cent in April 2010. Wealthy individuals such as bankers, accountants, independent financial advisors and head hunters made up three quarters of poll respondents and said that they were likely or some what likely to move abroad in the next twelve months. Lifestyle was highlighted as the most significant factor as to their decision to relocate and personal tax was the least important. Political uncertainty and bank payroll tax were also factors attributing to this decision. Switzerland was considered the most popular jurisdiction for the wealthy to relocate to followed by the Channel Islands. For those individuals looking to move closer to the UK the Isle of Man offers a high standard of living, competitive tax regime, stable economy and has received a Standard and Poors AAA rating for its financial stability. However individuals that are considering moving further from the UK might consider Dubai as a preferred location in which to relocate. Dubai offers a competitive tax regime. If you are interested in establishing a business in the Isle of Man contact Anthony Shield, however if you are thinking about Dubai contact Richard Smith.

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